Explainer: The new mobile payments app set to rival Revolut

The development of the service is aimed at creating an industry-wide banking payments app to rival Revolut.

Mobile payments have become a growing part of how many consumers carry out transactions. As more and more people turn to mobile payments and banking, mainstream banks are keen to be involved in the market.

The announcement of a new mobile payments service called Synch marks the arrival of the traditional banks to the mobile payments sector.